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Gateway Distriparks acquires 50.1 pc equity of Snowman for Rs 48 cr.

Written by: Staff
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Mumbai, Nov 22 (UNI) Gateway Distriparks Ltd (GDL), a leading port-based container logistics company, has acquired 50.1 per cent equity of Snowman Frozen Foods Ltd for a consideration of Rs 48.12 crore.

Addressing a press conference here today, Gateway Distriparks Chairman Gopinath Pillai said of the total equity acquisition the company bought as much as 41.8 per cent has been a direct equity acquisition made at a price of Rs 10.50 per share of Rs 10 each, while 8.3 per cent equity was bought at a price of Rs 17.5 per share.

In effect, the total consideration of Rs 48.12 crore also includes Rs 36.11 crore as fresh infusion of equity into the company, to be funded out of the GDR proceeds of GDL, Mr Pillai said.

With this acquisition, GDL has entered into a share subscription and shareholders agreement with Snowman and its present shareholders, Mitsubishi Corporation, Mitsubishi Logistics Corporation and Nichirei Logistics Group Inc, all companies incorporated in Japan, who will continue as substantial shareholders of Snowman with an aggregate 48.69 per cent shareholding in Snowman.

Currently, Snowman- a leading comprehensive cold chain logistics service providers in India- has 16 cold stores spread across the country with a total capacity of 8,600 pallets (a pallet can accommodate goods weighing one tonne), operates around 90 refrigerated trucks and has the capability to handle variety of products.

Rabo India Finance is the exclusive strategic and financial advisor to the acquisition.

UNI SN PM SKB1805

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